Axis-REIT To Acquire Industrial Complex In Kedah For RM113 Mln

KUALA LUMPUR, July 30 (Bernama) -- Axis-Real Estate Investment Trust (Axis-REIT) is acquiring an industrial complex in Kawasan Industri Padang Meha, Padang Meha, Kedah for RM113 million.

In a filing to Bursa Malaysia here, Axis-REIT said the proposed acquisition of the property will be fulfilled by WH Union Development, the vendor, within six months from the date of the sale and purchase agreement.

The property will then be leased to WH Union Development Sdn Bhd upon the completion date.

Axis-REIT said the proposed acquisition is in line with the fund’s investment objectives and its growth strategy to provide unitholders with stable income distribution and to achieve growth in the net asset value per unit of Axis-REIT by acquiring high-quality, earnings-accretive properties with strong recurring rental income. 

The proposed acquisition of the property will be accretive to Axis-REIT’s distributable income and adds to the portfolio of properties that will benefit the fund in the long term.

It said the property is located within Kawasan Industri Padang Meha, which accommodates a diverse range of industries such as manufacturing, automotive, energy and green technology. 

The proposed acquisition is expected to contribute positively to the fund’s earnings for the financial year ending Dec 31, 2027, upon completion, targeted for the first quarter of 2027.

-- BERNAMA